IPEF Agrees To Strengthen Investment Diversification To Economic Distribution

Coordinating Minister for the Economy Airlangga Hartarto (Photo: dock. VOI)

JAKARTA - At the Indo-Pacific Economic Framework Ministerial Meeting (IPEF-MM) on Tuesday, November 14, all IPEF member countries agreed to carry out a substantial completion of Pillar III (Clean Economy) and Pillar IV (fair Economy), while Pillar II (Supply Chain) was completed at the Second Ministerial Meeting in Detroit, United States, on May 26-27, 2023.

With the completion of the Pilar II, Pilar III, and Pilar IV agreements, IPEF partner countries are committed to diversifying investment, strengthening supply chains, developing markets, and ensuring the economy is widely distributed in the Indo-Pacific region.

In addition, IPEF member countries are also determined to increase cooperation towards a more connected and integrated Indo-Pacific region, thus providing benefits to the business world, consumers, investors, MSMEs, and workers.

Coordinating Minister for Economic Affairs Airlangga Hartarto said that together he would be able to achieve rapid progress in finding consensus regarding bold actions towards a clean and fair economy.

Airlangga added that such as developing economic corridors, increasing sustainable investment in energy technology and environmentally friendly agriculture, as well as strengthening tax transparency and anti-corruption efforts.

"We need to apply a comprehensive approach, incorporating energy, agriculture, forestry, transportation, and the environment, to strengthen and achieve common goals, and ensure that no one is left behind," said Airlangga in his statement Wednesday, November 15.

On the other hand, the fourteen partner countries IPEF will take the necessary steps, including further domestic consultations and legal reviews, to prepare the final manuscript of the Pillar II, Pillar III, and Pillar IV agreements.

After that, the process continues with the signing within IPEF partner countries, which are followed by ratification, acceptance, or approval.

"We welcome strong collaboration to facilitate the implementation of the agreed commitment based on IPEF. We hope to deepen cooperation among IPEF partners and achieve a cleaner and fairer economy in Indonesia, this region, and its surroundings," concluded Airlangga.